Remittances in the 2002-2014 Period and Their Dynamics in the Last Year

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Open Data Albania has analyzed the dynamics of remittances in Albania for the period 2002-2014, and their country of origin in the last year. After Foreign Direct Investments (FDI), they are the second most important source of external financing in absolute and relative terms to GDP.

Since 2002, remittances in Albania graphically (in million EUR):

Source: Bank of Albania Statistical ReportComments and analysis: ODA

Remittances have decreased rapidly after the economic crisis in the Eurozone. During 2014, remittances were 592 million Euros, compared to 951.7 million Euros in 2007. This confirms a reduction of the contribution of immigrants in the Albanian economy, mainly because of the Eurozone Crisis, which has decreased their earnings.

Remittances by country of origin in the last year:

Source: Bank of Albania Statistical ReportComments and analysis: ODA

Remittances by County of Origin 2010-2014

Source: Bank of Albania Statistical ReportComments and analysis: ODA

The main source of remittances remain Greece (44%) and Italy (36%), both Eurozone periphery countries, which were hit hard from the sovereign and economic crisis of the last years. This has reduced the revenues for individuals in these countries.

So the crisis has had a huge effect on the Albanian economy, decreasing economic growth and other macroeconomic indicators through multiple channels.